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MadBid Review – How do Auctions Work?

posted by Evelina

This week we will do a MadBid review on how auctions work. If you are reading this and you are a new Madbidder, we hope you find this review useful.

 

You can shop on MadBid.com in different ways: auctions, with discount earned from auctions, simple buying or if you lose the auction you can buy out the product you bid on with spent credits in that auction. So at this point you are probably wondering what these credits are. In this MadBid review you will be taken through a general customer journey process once you sign-up on MadBid.

 

Once you go through the free sign-up, you are presented with a selection of credit packages, you do not have to purchase a package but it would be useful if you want to participate in the fast-paced auctions. So let’s get into the MadBid review.

You have your credit package, what now?

 

  1. The credits in your credit package will appear on the toolbar. Depending on how many you bought, you may see from 274 to 3,000. It might look like a lot but remember each credit has cost you money which means each credit has a value, so if you bought 275 credits and it cost you £27.99 each little credit has a value of  £0.10p approx. Each auction requires a certain amount of credits to participate, sometimes 4, sometimes 8. Remember, you paid for these credits which means how you use them is important. When you click BID a certain amount of credits will be taken away from your account. The auction closes when the timer runs out 00:00. The last person to click BID before the timer runs out, wins the product and has the opportunity to buy the product for the auction closing price, which is usually a fraction of the retail price.
  2. Credits are also used as Earned Discount. While you are developing your bidding strategy and trying to work out which user is your competition you do not want to be wasting money. For every paid Bid you place in an auction it automatically gets saved in your Earned Discount section on the toolbar. Don’t worry if you do not see the value of your credits in the Earned Discount section immediately, the value of all the spent credits in an auction gets added to the Earned Discount section once the auction you’ve been bidding in has closed. This is applied for every auction you Bid with no limit as to how many Bids you place in auctions, the money value of your spent credits gets reimbursed.
  3. So now you are fully in control of your Credits, they can be used to Bid in auctions or converted into money in the Earned Discount section once the credits have been lost in auctions.
  4. If you lose an auction, use the value of the lost credits in the Earned Discount section to purchase from a variety of products or save it, until you have enough of an Earned Discount to buy higher priced items.
  5. If you do not want to buy credits, you can still save by purchasing some of the latest gadgets on the MadBid site, through a simple click and buy. Example, if you were on a look out for a new professional camera, on MadBid there is a Canon 600D DSLR Camera + 18-55mm Lens Kit which usually sells for £769 but you can get it on MadBid for £469.99 without even joining the auction.

 

It’s as simple as that, now you can Bid in auctions until you are winning from Apple to Apple Pressers and not have to worry about wasting money.

 

As always, If you want to review the MadBid auction process you can let us know your thoughts on our Google Plus, Facebook or Twitter pages. And don’t be shy, we are not one of those companies that are offended by negative feedback, we look at it as constructive criticism :D

 

Related to this Article
-  How is MadBid different to Ebay, we look at the feature differences

-  You can find great bargains with online auctions, see our pick of the weird products you can get online

-  MadBid vs eBid, here is our summary of the different types of online auctions

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